研報掘金丨申萬宏源:維持杭州銀行“買入”評級,一季度延續營收平穩、利潤高增趨勢
申萬宏源研究指出,杭州銀行(600926.SH)24年歸母淨利潤170億元,同比增長18.1%。4Q24不良率季度環比持平0.76%,撥備覆蓋率季度環比下降1.8pct至541%。非息收入高增驅動營收提速,利息淨收入也邊際修復,今年一季度延續營收平穩、利潤高增趨勢。此外,根據一季度主要經營情況公吿,1Q25營收增速平穩約2.2%,判斷一方面存在利息淨收入延續改善貢獻,另一方面在同期非息收入高基數下,預計也部分兑現債券浮盈收益;歸母淨利潤延續高增,同比增長17.3%。對公驅動信貸高增,2025開年以來亦有不俗表現,省內異地貢獻持續提升。杭州銀行業績增速維持行業第一梯隊,低不良率、高撥貸比奠定業績可持續釋放基礎,維持“買入”評級。
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